Creative Technologies announces reverse split and enters into a distribution agreement with Soehnle.BROOKLYN Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , New York--(BUSINESS WIRE)--Sept. 6, 1996--Creative Technologies Corp. (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CRTV CRTV Cameroon Radio Television CRTV Cathode Ray Television ) announced that as of the opening of trading yesterday the reverse stock split approved at its annual shareholders meeting became effective. New shares will be issued at the rate of one new share $.09 par value for each three shares previously held. Fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. will be redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. in cash at $.625 per share. For the next 20 days the new shares will be trading under the symbol CRTVD. Richard Helfman, Creative's president, also announced at the shareholder's meeting that effective immediately they have entered into an agreement to become the exclusive U.S. importer and distributor for Soehnle, one of Europe's leading manufacturers of scales. Soehnle, based in Germany, was founded over 125 years ago and currently has annual sales in excess of $100 million worldwide. They are a household name throughout Europe and in many countries enjoy a market share in excess of 50%. Initially, Creative will concentrate on marketing a select line of Soehnle's bathroom scales which will retail between $12 and $179. Helfman stated that: "The Soehnle line exemplifies the highest standards in European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. manufacturing and design. They make one of the most accurate scales in the world and have been the recipient of numerous awards from well known independent design and test institutions, journal and professional associations. We are extremely excited about this agreement and feel it represents a tremendous opportunity. Our product line will feature several brand new and distinctive styles and designs and will be very competitive in terms of price and selling features." Helfman added that, "This distribution agreement represents continued progress in implementing our corporate strategy of expanding our product lines beyond electrical appliances and adding new non-electric products that will contribute to sales and earnings on a steady, year-round basis." Creative Technologies designs, manufactures, markets and distributes patented electric products for use in the home kitchen. Since Jan. 1, 1996 they have also been the exclusive U.S. importer and distributor for Brabantia, one of Europe's most respected manufacturers of non-electric housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. . CONTACT: Creative Technologies Corp., Brooklyn David Guttmann/Richard Helfman, 718/492-8400 |
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